Shares of recently-listed Orient Technologies Ltd shares rose 3.70 per cent to scale their all-time high value of Rs 348 in Monday's trade. As the session progressed, the stock gave up its entire gains and fell 8.33 per cent from its lifetime high level to hit a low of Rs 319. Today's drop in the share price marked the first downward move since its market debut on August 28, 2024.
The IT solutions provider's counter has ascended by 54.85 per cent from its issue price of Rs 206. The initial public offering (IPO) of Orient Technologies was open for subscription between August 21-23.
The company raised a total of Rs 214.76 crore from its IPO, which included a fresh share sale of up to Rs 120 crore and an offer-for-sale (OFS) of up to 46 lakh shares.
The initial share sale attracted a bumped demand from investors, fetching an overall subscription of 151.71 times. The bidding was led by non-institutional investors (NIIs), whose quota was booked a solid 300.70 times.
The quota for qualified institutional bidders (QIBs) was subscribed by 189.90 times. The portion kept for retail investors was booked 66.87 times.
A few analysts suggested booking profits at current levels. "The stock has seen a decent run-up after listing. Short-term investors can consider booking some profits as it could be entering into a consolidation phase," said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
Technically, support on the counter could be seen at Rs 300. "Investors should book profit at current levels. Market participants can buy again around Rs 310 level for a potential upside target of Rs 335 in the near term. Keep stop loss at Rs 300 for this trade," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
Around 2.72 lakh shares were changing hands today. The figure was lower than the two-week average volume of 5.13 lakh shares. Turnover on the counter came at Rs 9.03 crore, commanding a market capitalisation (m-cap) of Rs 1,348.15 crore.
Mumbai-based Orient Technologies is a homegrown information technology (IT) solutions provider. Orient Technologies, incorporated in 1997, offers customized IT solutions to meet customer-specific needs.